FINRA has suspended and fined former Raymond James Financial Services, Inc. broker David Van Geffen from the securities industry for 15 business days. Mr. Van Geffen consented to the sanctions and to the entry of findings that he impersonated a customer on telephone calls to an annuity company. His suspension is…
FINRA has censured and fined Miami-based brokerage Primary Capital, LLC (“Primary”) over supervisory failures and advertising violations related to its EB-5 business. The EB-5 Immigrant Investor Program is overseen by the United States Citizenship and Immigration Services (USCIS) and was created by Congress in 1990 to stimulate the U.S. economy…
The Financial Industry Regulatory Authority (“FINRA”) has suspended stockbroker Joseph Lianzo from the securities industry for eight months. Mr. Lianzo consented to the suspension after FINRA alleged that from March 2016 through November 2019, while associated with Laidlaw & Company (UK) LTD. and SW Financial, Mr. Lianzo excessively traded four…
The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Donald Fowler from the securities industry. Mr. Fowler consented to the suspension after FINRA alleged that from December 2014 through December 2018, while associated with Worden Capital Management LLC, Mr. Fowler churned and excessively traded four customers’ accounts in violation of…
On August 23, 2021, a FINRA Dispute Resolution Services arbitration panel in Baltimore, Maryland, ordered UBS Financial Services, Inc. (“UBS”) to pay $405,000 to customers who invested in UBS’s Yield Enhancement Strategy (“YES”). The award included $300,000 in compensatory damages, $30,000 in costs, and $75,000 in attorneys’ fees. The customers…
August 24, 2021 – This morning, investors of GPB Automotive Portfolio LP woke up to more worrisome news, as the Wall Street Journal reported that the GPB Capital Holdings LLC, is looking to sell its largest dealership group, Prime Automotive, raising speculation that the GPB Automotive is running out of…
The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker William Wright from the securities industry. Mr. Wright consented to the bar after FINRA alleged that he failed to cooperate with a FINRA investigation into whether Mr. Wright inappropriately borrowed money from a customer. Mr. Wright was associated with National Securities…
The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Debasish Hajra from the securities industry for 30 calendar days. Mr. Hajra consented to the suspension after FINRA alleged that, while associated with Wells Fargo Clearing Services, LLC in Marietta, GA, Mr. Hajra executed nine unauthorized trades with a total…
The Financial Industry Regulatory Authority (“FINRA”) has suspended stockbrokers Alfonse Stazzone and Maxim Beliakov from the securities industry for four months. The financial advisors consented to the suspension after FINRA alleged that, while associated with Woodstock Financial Group, Inc., they excessively and unsuitably traded a customer’s account between September 2017…
On August 6, 2021, the Chairman and Chief Executive Officer of Energy 11 GP, LLC, the general partner of Energy 11, L.P. (“Energy 11”), sent a letter to investors of Energy 11. Despite the upbeat and optimistic tone of the letter, as well as the representations made by David Lerner…